Louis Dreyfus buys into Fairstar

France's Louis Dreyfus Armateurs has added to its interests in the offshore shipping service sector through the acquisition of a 23% stake in Fairstar Heavy Transport.

France's Louis Dreyfus Armateurs has added to its interests in the offshore shipping service sector through the acquisition of a 23% stake in Fairstar Heavy Transport.

France's Louis Dreyfus Armateurs has added to its interests in the offshore shipping service sector through the acquisition of a 23% stake in Oslo-listed, Rotterdam-based Fairstar Heavy Transport.

The company says that the investment, which makes it Fairstar"s biggest single stakeholder, is a follow-on to its takeover of offshore and deep sea towage specialist Fairmount Marine in May 2007.

Fairstar, which describes itself as a provider of long-distance ocean transport for the offshore and onshore industries, operates one of the world"s largest self-propelled, semi-submersible heavy transport vessels, the Fjord, and is waiting to take delivery of a second, the Fjell.

The 24,421 dwt Fjord came into service in March this year, while the 19,300 dwt Fjell is due to be delivered by Malta Shipyards early in 2009.

Fairstar, which was incorporated in July 2005, took delivery of the two semi-submersible barges, then unpropelled, from Boa Offshore, in August of the same year.

Louis Dreyfus Armateurs deputy chief executive Alain le Guillard said that the company"s acquisition of a stake in Fairstar would help it to develop its offshore-related activities and to find synergies with Fairmount Marine.

Fairstar and Fairmount were formerly associated companies but, in November last year, Fairstar, then known as Fairmount Heavy Transport, gave notice that it was separating from Fairmount aned changing its name to Fairstar.